STAFF at a Darwen metal fabrication firm have been offered a new unique loan scheme - the first of its kind in the UK.

Bosses at the WEC Group, based in Junction Street, have teamed up with Darwen's Jubilee Tower Credit Union to create the Employee Benefit Loan Scheme (EBL).

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The partnership offers the 400-strong workforce an alternative way to borrow and the chance to tackle any high interest loans they may have.

The EBL encourages a responsible payback method and repayment period with no rollover borrowing.

It rewards workers with long service as the more years you have with the company, the more you can borrow.

WEC commercial director Wayne Wild said: “One of the biggest challenges facing many people today is debt, whether we are talking high interest loans, credit cards or doorstep and payday loans.

“Following the financial crisis there has been a dramatic swing to the overuse of credit cards and a massive growth in payday loans.

“We have gone to the Bank of England, the Financial Conduct Authority and the Prudential Regulation Authority to get approval for the scheme and it is the first in the country.

“The idea of EBL is to provide an alternative that helps people climb out of debt. It’s a simple idea and an easy to understand scheme.

"We believe it will have real benefits for WEC workers.

“Credit unions are uncut diamonds in the credit world.

"The association of the WEC Group with the Jubilee Tower Credit Union enables us to offer some of the UK’s lowest interest rates."

Janice Parker, chairman of Jubilee Tower Credit Union, said: “This is a ground-breaking scheme and we are very excited to be involved in it with the WEC Group.

“There is nothing like this happening anywhere else in the country and we believe the concept of Employee Benefit Loans has great potential to help workers across the UK tackle debt.

“What’s also great about this scheme is that it not only gives access to low cost borrowing but it encourages and helps people to save while they are also repaying the loan, something which is fundamental to the way we help people in their money management.

“As a not-for-profit organisation we don’t often get the opportunity to work with companies in the private sector. This partnership opens up great opportunities to really help people in the community.”